Osborne Partners Capital Management LLC Maintains Stake in 3M Co. (MMM)
Osborne Partners Capital Management LLC held its position in shares of 3M Co. (NYSE:MMM) during the second quarter, according to its most recent filing with the SEC. The firm owned 4,050 shares of the company’s stock at the end of the second quarter. Osborne Partners Capital Management LLC’s holdings in 3M were worth $709,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of MMM. Geode Capital Management LLC raised its stake in shares of 3M by 5.0% in the first quarter. Geode Capital Management LLC now owns 5,330,612 shares of the company’s stock worth $886,575,000 after buying an additional 251,776 shares during the last quarter. TIAA CREF Investment Management LLC increased its stake in 3M by 1.2% in the first quarter. TIAA CREF Investment Management LLC now owns 5,008,441 shares of the company’s stock worth $834,557,000 after buying an additional 60,719 shares during the period. BlackRock Group LTD increased its stake in 3M by 6.3% in the first quarter. BlackRock Group LTD now owns 4,993,026 shares of the company’s stock worth $831,988,000 after buying an additional 297,153 shares during the period. Wellington Management Group LLP increased its stake in 3M by 10.6% in the first quarter. Wellington Management Group LLP now owns 3,970,813 shares of the company’s stock worth $661,657,000 after buying an additional 381,798 shares during the period. Finally, Legal & General Group Plc increased its stake in 3M by 1.9% in the first quarter. Legal & General Group Plc now owns 2,687,848 shares of the company’s stock worth $447,887,000 after buying an additional 51,078 shares during the period. Hedge funds and other institutional investors own 65.71% of the company’s stock.
Shares of 3M Co. (NYSE:MMM) traded down 0.87% during mid-day trading on Friday, reaching $175.06. The company’s stock had a trading volume of 3,358,842 shares. 3M Co. has a 1-year low of $134.64 and a 1-year high of $182.27. The company’s 50-day moving average is $179.06 and its 200 day moving average is $171.43. The firm has a market capitalization of $105.81 billion, a P/E ratio of 22.34 and a beta of 1.07.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share for the quarter, beating analysts’ consensus estimates of $2.07 by $0.01. The business earned $7.70 billion during the quarter, compared to analyst estimates of $7.73 billion. 3M had a net margin of 16.29% and a return on equity of 41.84%. 3M’s revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter last year, the business posted $2.02 earnings per share. On average, analysts expect that 3M Co. will post $8.21 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Friday, August 19th were issued a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date was Wednesday, August 17th. 3M’s dividend payout ratio is currently 56.63%.
MMM has been the subject of a number of research reports. Credit Suisse Group AG reaffirmed a “buy” rating on shares of 3M in a report on Sunday, July 10th. Jefferies Group reissued a “buy” rating on shares of 3M in a report on Thursday, August 4th. Deutsche Bank AG reissued a “hold” rating and issued a $164.00 price target on shares of 3M in a report on Thursday, August 25th. Sanford C. Bernstein reissued a “market perform” rating on shares of 3M in a report on Monday, June 27th. Finally, Morgan Stanley reissued a “sell” rating and issued a $168.00 price target on shares of 3M in a report on Tuesday, August 23rd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. 3M has a consensus rating of “Hold” and an average price target of $165.18.
In related news, insider James L. Bauman sold 9,066 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $178.42, for a total value of $1,617,555.72. Following the completion of the sale, the insider now owns 10,834 shares of the company’s stock, valued at $1,933,002.28. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Paul A. Keel sold 3,180 shares of 3M stock in a transaction on Friday, July 29th. The stock was sold at an average price of $178.39, for a total transaction of $567,280.20. Following the sale, the insider now directly owns 9,961 shares of the company’s stock, valued at approximately $1,776,942.79. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by corporate insiders.
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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